Belgian Sovereign
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Recent Italy syndication prompts talk of change in how sovereigns manage syndicates -
‘Amazing’ reception for long dated syndications but issuers explore different options amid persistant duration risk
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Pension funds 'very much present' in the deal and central bank demand 'quite remarkable', says issuer
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◆ Sovereign takes plunge into 30 year ◆ Book almost twice that of 2024 deal ◆ Large size, tight NIP, others encouraged
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Two syndicated deals left for 2026; ‘right maturity and timing’ key to issuer’s long-end plan
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◆ Both deal and book sizes break records ◆ 'Normal' pricing approach and NIP paid ◆ Portugal, Italy next up
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◆ Arbitrage attracts Belgium to dollars again ◆ No book updates ‘a little surprising’ and ‘a red flag’ ◆ Investors expected more spread
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◆ New €5bn line opened against ‘not easy’ backdrop ◆ Planned long-end OLO turned out to be 2042 ◆ Flexibility once again serves sovereign well
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Issuer avoided picking a window to print a deal in May
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Debt agency expects to issue €13.5bn of popular one year state notes
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Top European borrowers bring competition in crowded market
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Cyprus upgraded to BBB as debt metrics improve
